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Former KCB boss Oduor-Otieno pockets Sh26m for sitting in boards

Former KCB chief executive Martin Oduor-Otieno earned a total of Sh26.4 million last year from his roles as a non-executive director in four listed firms, making him one of the highest-paid boardroom operators.

His remuneration, which stood at Sh24.7 million the previous year, is more than what several publicly traded firms such as Sasini
and Nairobi Securities Exchange (NSE)

pay their chief executives.

Mr Oduor-Otieno is paid fees as a board member of South Africa’s Standard Bank, Kenya Airways , British American Tobacco (Kenya) and East African Breweries (EABL).

He is also a director of the privately-held GA Life Insurance Company.

YEAR BEFORE

Standard Bank, the largest lender in Africa by assets, paid Mr Oduor-Otieno the largest amount at Sh15.7 million in the year ended December 2018 compared to Sh15.3 million the year before.

EABL paid him Sh6.7 million in the year ended June 2019, down from Sh7.2 million a year earlier.
He earned Sh2.1 million from BAT Kenya in the year ended December 2018, slightly up from Sh2 million the previous year.

His compensation over the same period at Kenya Airways rose to Sh1.8 million from Sh108,000. He joined the national carrier’s board in the last six weeks of 2017.

Mr Oduor-Otieno’s compensation is a function of his vast experience and the fact that he serves on the boards of some of the largest companies in the region.

Standard Bank says it appointed the Kenyan national in 2016 because of his extensive banking experience of more than 18 years, strategy development and execution skills, strong leadership and governance experience.

“Our directors have deep experience and diverse skills, which collectively ensure that the board operates effectively to protect and create value in the design and delivery of the group’s strategy, and in the execution of its duties,” the multinational said its latest remuneration report.

This story was first published in the Business Daily.